“Good News” Coming for Litecoin & Litecoin Network while LTC Price Already up 277% in 2019
- Litecoin price up more than 25% in the past 7 days and 277% till date in 2019
- Gearing up for its halving event, the last halving saw LTC surging 689%
- Litecoin Developer teases with an announcement of an announcement
Litecoin has already the bulls working in its favor as it reaches the highest point of 2019 at $118. In the past 7-days, LTC price has surged over 25 percent while till date in 2019 it is up by a whopping 277 percent. LTC 0.40
At the time of writing, LTC/USD has been trading at $114 with 24-hours gains of 0.79 percent.
– I'm a pretty high-risk trader in that I like to go for larger positions of very few coins (not very diversified)
– I am not a financial advisor in any way
– This market is volatile
— Crypto Godfather (@CryptoGodfatha) May 27, 2019
With a bullish event coming in August, similarly with Bitcoin, Litecoin will have a cut in supply as its rewards will reduce from 50 LTC to 25 LTC and this triggers the price to rally. Given the fact that Litecoin’s price is “heavily influenced” by the supply and demand factor, it has been speculated that this cut in supply would lead to a subsequent increase in the LTC price.
Recently in its Medium blog, crypto exchange OKEx analyzes Litecoin halving event as it states during the first halving event of Litecoin, it went through a consolidation phase for around three months before the event occurred on August 26th last time.
That time Litecoin surged 689 percent as it climbed from $1.3 to $8.96 but on the day of halving event, it pulled back to $2.95. On the previous event, Litecoin “failed to stick to the bull trend and pulled back soon after the halving event.”
The bull rally of Bitcoin is expected to be even wilder than the last time which means altcoins could see bigger gains as well, as they move in tandem with the leading cryptocurrency.
So, it would be interesting to see how high Litecoin will go as we are already up more than 270% in 2019.
Meanwhile, Litecoin developer Loshan has teased the community with an announcement of an announcement as he says “good news” is coming up.
Good news regarding Litecoin & Lightning Network soon! Follow the @LTCFoundation for the latest updates.
— Loshan (@loshan1212) May 27, 2019
Just last month, Loshan had offered a bounty of $2,000 on Twitter for the first person who adds neutrino support for Litecoin (mainnet/testnet) within a month time. This Loshan added must support Bitcoin as well. We have already crossed the 1 month timeline, so it can be expected that this “good news” is the neutrino support.
Neutrino is designed to minimize the bandwidth and storage on the client side, all the while preserving the privacy on the full nodes that serve the light clients. By using a mechanism where GSC filters are used to represent address corresponding in a specific block, this has been achieved.
With the “good news” we might get to see more uptrend in LTC price before it reaches its halving event.